TOKY3

Grupo Toky is a Brazilian retail conglomerate focused on the Home and Décor segment, created by combining assets originally stemming from Mobly S.A. and Tok&Stok. Its common shares are traded on B3 under the ticker TOKY3. The group’s history goes back to the end of 2010, when Mobly’s founders – Marcelo Marques, Victor Noda and Mário Fernandes – structured an e-commerce model specialized in furniture and home goods, launching the website in 2011 and starting online retail operations in Brazil. Over the following years, Mobly received successive investments from international institutional investors, went through corporate reorganizations and, in 2021, carried out its initial public offering on B3, then under the ticker MBLY3. In 2024, with the contribution of Tok&Stok shares to its shareholder base, the company consolidated the creation of Grupo Toky, which brought together the brands Mobly, Tok&Stok and Guldi under a single corporate structure.

Tok&Stok’s history adds to Grupo Toky a trajectory that began in 1978, focused on furniture and home accessories with an emphasis on functional design and aesthetics. Mobly, in turn, was born as a digital operation in 2011, built from the outset on proprietary e-commerce and technology platforms. Guldi complements the group with a focus on mattresses and comfort products for the home. The integration of these brands has resulted in one of the largest Home and Décor retail groups in Latin America, with a broad product portfolio and distinct brand positioning to address different consumer profiles. The transaction that created Grupo Toky also changed the control structure, diluting home24 Holding’s role as the majority controlling shareholder and reinforcing its profile as a Brazilian retail holding company with established brands in the local market.

Grupo Toky’s business model is centered on retail sales of furniture and décor items, focusing on direct-to-consumer sales both through physical stores and digital channels. The company operates as a Home & Living platform with a strong technology component, combining e-commerce, mobile apps, its own marketplace and a store network. The activities are treated as a single operating segment, with all net operating revenue attributed to sales of products and services related to the retail of furniture and accessories. In 2024, net operating revenue reached approximately R$ 811.2 million, generated entirely in Brazil. There is no material concentration in large customers, as no single buyer accounts for more than 10% of net revenue, underscoring the fragmented and B2C nature of its consumer base.

Grupo Toky’s product offering is broad within the Home & Living category, covering furniture for all rooms of the home, décor, textiles, outdoor items, lighting and household utensils. A central feature of the business is the balance between private-label brands and third-party products. In 2024, about 61% of the group’s net revenue came from private-label brands, developed under an asset-light model with outsourced production by selected local and international suppliers, in addition to a line of “enhanced” products, in which the company manages inputs and industrial specifications with third parties. The remaining 39% of revenue comes from third-party products sold under 1P (direct retail) and 3P (marketplace) models, which expands assortment and strengthens the platform’s appeal. Guldi’s role in mattresses and comfort complements the conglomerate’s portfolio, reinforcing its presence in a key category within Home and Décor.

Grupo Toky’s commercial strategy is multichannel, combining physical stores, proprietary websites, partner marketplaces and proprietary mobile apps. In December 2024, the group operated 67 own stores, organized in different formats, including megastores, outlets and compact units, as well as partner stores. The physical base, which in 2023 consisted of 19 stores, expanded significantly, with a concentration in the Southeast region and units also in the South. In parallel, digital channels include the websites www.mobly.com.br, www.tokstok.com.br and www.guldi.com.br, as well as the “Mobly” and “Tok&Stok” apps for iOS and Android. These channels are integrated into an omnichannel proposition, in which consumers can search, buy, pick up or receive products in different combinations of physical and online stores, reinforced by additional services such as assembly, technical assistance, extended warranty and Mobly Decora, focused on décor consulting.

Logistics is a key pillar in Grupo Toky’s strategy, given the inherent complexity of transporting furniture and bulky products in Brazil. The company has no in-house manufacturing, working instead with third-party suppliers that deliver products to distribution centers located in the states of São Paulo, Minas Gerais, Santa Catarina, Pernambuco and Espírito Santo. In 2022, it consolidated distribution centers in Cajamar (SP) and expanded the network with logistics hubs in Contagem (MG) and Serra (ES), as well as a center in Cabo de Santo Agostinho (PE). In 2024, the company had 6 distribution centers, which supply the physical stores and handle direct deliveries to consumers. Mobly Log operates as an in-house last-mile delivery structure, in combination with third-party carriers, aiming to reduce lead times and increase control over service levels, with a relevant share of sales delivered within a few days on average nationwide.

From a technology standpoint, Grupo Toky operates a proprietary, cloud-based e-commerce platform built with strong API integration, enabling customization and continuous evolution of internal systems. Artificial intelligence features are used for product recommendations, image-based search, virtual room setup (“complete the look”), 3D images, interactive virtual reality and augmented reality, allowing consumers to visualize products at real scale in their own environments. This technological infrastructure also supports data analytics for optimizing customer acquisition, conversion rates and assortment management. In payments, the company integrates multiple methods – credit card, boleto and PIX – through partnerships with payment institutions regulated by the Central Bank, without directly operating as a financial institution.

In terms of regulatory and governance environment, Grupo Toky is subject to general personal data protection rules, in particular the General Data Protection Law (LGPD). The company structures internal processes for mapping, categorizing and processing user data, maintains information security tools, monitors vulnerabilities and appoints a data protection officer (DPO), in line with the requirements of the National Data Protection Authority. From an environmental standpoint, it falls under a regulatory framework that provides for administrative, civil and criminal liability in the event of violations, even though its core activity does not involve its own industrial production. The absence of revenue abroad highlights Grupo Toky’s current geographic concentration in the Brazilian market, with growth supported by store expansion, brand consolidation and increased e-commerce penetration in the Furniture and Home Goods segment.